Litecoin Price Analysis

Litecoin Price Analysis: LTC/USD Bulls Holding $60

Litecoin Price Analysis LTC USD

Litecoin price is holding a key support near the $60.00 level against the US Dollar. LTC/USD may perhaps slowly recover as long as it is above $60.00.

Key Talking Points

  • Litecoin price attempted a minor recovery above the $64.00 level, but failed (Data feed of Kraken) against the US Dollar.
  • There is a key expanding triangle forming with resistance near the $65.00 level on the hourly chart of the LTC/USD pair.
  • The pair could attempt a recovery as long as bulls keep the $60.00 support level intact.

Litecoin Price Forecast

This week, we saw nasty declines from well above $70.00 in litecoin price against the US dollar. The LTC/USD traded lower and tested an important support near the $60.00 level.

Looking at the chart, LTC price formed a low near $61.06 yesterday and later recovered. However, upsides were capped and later a new low was formed at $60.28.

Litecoin Price Analysis LTC USD

Finally, there was a decent recovery above the $64.00 level. The price also moved above the 23.6% Fib retracement level of the last decline from the $75.13 high to $60.28 low. However, the upside move was capped by the $65.00 resistance.

At the moment, it seems like there is a key expanding triangle forming with resistance near the $65.00 level on the hourly chart of the LTC/USD pair. The pair is currently moving lower and it could revisit the $62.00 support.

Below this, the last swing low at $60.28 is a key support followed by the $60.00 level. Below this last, the next key support is near the $56.00 level.

On the upside, if the pair manages to break the $65.00 level, it could test the 50% Fib retracement level of the last decline from the $75.13 high to $60.28 low at $67.70. Above this, the price may well move towards the $68.00 and $69.00 levels.

Overall, litecoin price is holding the $60.00 support area and as long as bulls are active above $60.00, there could be a decent recovery in the near term.

The market data is provided by TradingView.

Aayush Jindal
About author

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets
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